Smart Exit Planning Strategies for Niche Markets
Selling a Golf Business
You've learned a lot during your tenure as a golf business owner. Before you walk away, you have one more challenge to overcome: A successful and profitable business sale.
Business-for-sale markets are less dependent on economic conditions than most sellers think they are.
You'll always have an excuse for not putting your business on the market. Any golf business can be sold at any time -- you just need to know how to influence the right buyers.
Selling Time
Hoping for a quick golf business sale? You may be disappointed. Although asking price and other factors contribute to sale time, it's difficult to predict how long your business will be on the market before you locate the right buyer. Before you can list your golf business, you'll need to invest as much as a year in preparing it for prospective buyers. Even though it's conceivable that an attractive opportunity could sell in weeks, an immediate flood of offers could indicate that the business is underpriced.
Handling Unexpected Outcomes
When you made the decision to sell your golf business, you had a specific set of outcomes in mind. However, no one told the marketplace about your expectations. The outcome of your sale will be determined by market forces - not by your personal circumstances or desires. Despite your best efforts, you need to prepare yourself for the possibility of receiving less than you expected from the sale of your golf business. If buyers don't seem to be willing to meet your expectations, consult with your broker to modify your strategy and market approach.
Negotiation Exit Strategy
Negotiations have a way of dragging on forever. But sooner or later, someone needs to bring negotiations to a close. Unfortunately, that responsibility often falls on the seller. A lull in negotiations may be part of the buyer's strategy. Then again, it may be a sign that the search for common ground is a lost cause. At this point in the process, an awareness of negotiation parameters really pays off. If the buyer is unwilling to accept your minimum demands, it's time to end negotiations and move on to the next prospect.
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